A new market-leading e-Isa has been launched by first direct.
The e-Isa has a fixed rate of five per cent AER until September 1st and allows savers to transfer their full cash Isa allowance of £3,000 into it from a taxable instant access savings account.
Customers can open a first direct Isa with just £1 and have a maximum subscription limit of £3,000 in each tax year.
There are no withdrawal or transfer fees and interest is calculated each day and paid monthly.
"It's easy to forget the obvious: the time to save money is when you have some. A cash cushion is one of the comfiest things to own and it's not every day that you get to almost double your interest," said Ben Dunn, head of marketing at first direct.
He added: "With another edition of our market-leading e-Isa and a taxable e-savings account paying five per cent AER, we've shown that first direct is not just the best bank for customer service – we're also a seriously good home for your savings." To read more about Banking, click here.
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